Reports and accounts

View full 2017 annual reports and accounts Annual Report Archive

Extract from the Chairman’s Statement 2017

This report covers the period from 1 October 2016 to 30 September 2017.

Your Company delivered strong performance over the year, with a net asset value total return of 18.8%, which was 2.5 percentage points

higher than the benchmark, the MSCI All Country World ex-US Index.

Over the past two years, your Company’s investment portfolio has been more concentrated and reflects greater conviction on the part

of the Investment Manager about opportunities for return. Following this statement, his report sets out the factors affecting investment

returns during the year (including changes in underlying asset value, discount levels, shareholder activism and corporate events). The

report also assesses in detail the positioning of the key constituents of the portfolio and their outlook. It also sets out the major contributors

and detractors to performance over the year.


Strone Macpherson, Chairman


Electronic Address For Receipt Of Proxies

The Companies Act 2006 (as amended) requires British Empire to provide an electronic address for the receipt of any document or information relating to proxies for a general meeting.

For these purposes, documents relating to proxies include:

  • appointment of a proxy
  • any document necessary to show the validity of, or otherwise relating to, the appointment of the proxy
  • notice of the termination of a proxy’s authority.

The Annual General Meeting (“AGM”) takes place each year in December. You will receive a Proxy Form prior to the AGM taking place, should you wish to appoint a proxy to vote at the AGM in accordance with your directions you will need to complete the Proxy Form and submit the same via post or via email to the Registrars at

Please ensure that that all identification numbers and any information completed by you on the Proxy Form is clearly legible, otherwise the Form may be rejected and your proxy instructions will not be accepted.


* Net Liquidity is: the fixed income investments less the Debenture (at par value) plus or minus the net current assets/(liabilities), divided by the net assets of the Company.